Even IMF turns positive on crypto after Wall Street pumps Bitcoin
Last Updated on 6 November 2023 by CryptoTips.eu
You may find it very weird, we think so too, but did you know that the international monetary fund (the IMF) usually indicates its position on a certain investment, a country or a certain financial entity via a… blog post? Very strange and old-fashioned, but apparently that is how the IMF does it. Last week it was quite remarkable to see that they suddenly announced that a ban on crypto, something countries like China did for a while, might not be such a good idea in the long run.
While a few countries have completely banned crypto assets given their risks, this approach may not be effective in the long run.
The IMF wrote.
I’m guessing they turned more positive after seeing their friends on Wall Street buy up Bitcoin by the millions.
June
It was quite the month of June for Bitcoin. At first it seemed like everyone wanted to sell when the American stock exchange watchdog SEC started a lawsuit against Binance and a day later also against Coinbase.
In the days that followed, Bitcoin and the other major crypto coins fell as you would expect, but the support at $25k, which has been unbreakable for months, held up as usual.
Last week, things were suddenly turned upside down, after first Blackrock and then Fidelity announced that they both wanted to start trading crypto. Even Deutsche Bank is reportedly thinking about it.
Larger buyers
This is also reflected in the purchases on the various platforms. Retail traders, ordinary guys like you and me, have almost disappeared from the crypto market, whereas larger buyers, aka the banks, have been buying Bitcoin en masse at $25k.
Bitcoin’s recent surge in value has largely been driven by large trades within a less liquid market.
Jamie Sly, head of research at CCData, said.
Our analysis of market orders over 5 BTC reveals an aggressive surge in market buying, suggesting large players are seeking to gain exposure to digital assets.
Sly added.
Not really fair, but at least Bitcoin is back at the highest level of the year and everything seems rosy again. Curious to see where we end up this month.
